YES Bank up 6% on appointment of advisory firm Korn Ferry to find new CEO

The stock was up 6% to Rs 255 on the BSE in early morning trade, rallying 24% thus far in the current week as compared to 0.92% rise in the S&P BSE Sensex.

Shares of YES Bank have rallied 6% to Rs 255 on the BSE in early morning trade after the private sector lender appointed US-based headhunter Korn Ferry to assist the bank’s committee in its selection of the new managing director & chief executive officer (MD & CEO).

The bank had announced that it would find a successor to MD & CEO Rana Kapoor whose term was cut short by the Reserve Bank of India (RBI).

The advisory firm was appointed in a meeting held on Thursday. The meeting was attended by all members of the “Search and Selection” committee, said the bank in a filing to the exchanges.

The private sector lender on October 5 after market hours had said that it has invited proposals from global leadership advisory firms and will finalise the company in the committee’s first meeting, which is scheduled to be held on October 11.

Since then, the stock of YES Bank has rallied 24% as compared to 0.92% rise in the S&P BSE Sensex. It surged 54% from its 52-week low of Rs 166 on September 29, 2018, on the BSE in intra-day trade.

Based on assessments and presentations made by four global advisory firms, the Search and Selection Committee has mandated Korn Ferry to assist the committee in evaluating candidates, Yes Bank said in a statement.

At 10:18 am; YES Bank was trading 4.3% higher at Rs 250 as compared to 2% rise in the benchmark index. A combined 15.05 million equity shares changed hands on the counter on the NSE and BSE so far.